New report displays depth of inequitable investment in Baltimore neighborhoods

Saddled with the legacy of racist policies of the past, poorer African-American neighborhoods in Baltimore receive far less investment than their white neighbors, according to a new report from the Urban Institute. The conclusions aren’t new or that surprising to observers, government officials or the report’s authors, but the report puts specific, and often harsh, numbers to the disparity that exists between Baltimore’s predominantly black and poor neighborhoods and its predominantly white and wealthier ones. “We absolutely document a longstanding and stark segregation in how investment is distributed within the city,” said Brett Theodos, the report’s lead author. “The report shows this across a range of different types of investment.” (Balt. Sun)

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MacroGenics stock spikes from positive results of cancer drug trial

Rockville-based MacroGenics Inc. announced positive results Wednesday from late-stage trials of its breast cancer therapy candidate, sending the company’s stock price soaring nearly 200 percent for the day. The biotech’s margetuximab product — which targets the “HER2” gene, which can feed the growth of cancer cells, specifically in patients with metastatic breast cancer — was found to be safer and better tolerated than Genentech Inc.'s Herceptin, considered a standard treatment today, when both were given in combination with chemotherapy. (Wash. Bus. Journal)

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Wegmans eyes site near Annapolis Towne Centre for new store

Prepare yourself Annapolis: Wegmans might be coming … someday. A Wegmans official confirmed Wednesday the regional grocery chain is exploring a site at the intersection of Riva Road and Towne Centre Boulevard to build a store that would be the second in Anne Arundel County. “I can confirm that we’re planning to build a store in Anne Arundel County at the intersection of Riva Road and Towne Centre Boulevard,” Wegmans spokeswoman Valerie Fox said in an email. “The timeline for construction and opening has not yet been determined and will depend upon the approval process.” (Capital)

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Developer seeks demolition of old Martick's restaurant to rebuild Baltimore's lost Chinatown

Developer Christopher Janian is seeking approval to demolish the former Martick's Restaurant Francais in Baltimore's Bromo Arts District, the next step in his company's efforts to revitalize the vacant block the property sits on. Janian said his team at Vitruvius Co. has gone through "multiple scenarios" to incorporate the building at 214 W. Mulberry St. into the development firm's $30 million mixed-use project, which seeks to revive Baltimore's historic and long-overlooked Chinatown. (Balt. Bus. Journal)

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Top Md. court to hear Washington County's appeal over solar farm jurisdiction

The Maryland Court of Appeals has agreed to review a lower court’s decision on a proposed 42,000-panel solar array near the Cearfoss circle, according to documents filed Monday. At issue is whether local zoning authority is preempted by state law regarding the approval and location of solar-energy generating systems that can generate more than 2 megawatts. The case revolves around Perennial Solar LLC, a subsidiary of Radnor, Pa.-based Community Energy Solar, which wants to build an 8-megawatt solar farm on about 86 acres near the Cearfoss circle. The county zoning board granted permission in November 2015. (Herald-Mail)

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Maryland casinos earned nearly $137 million in January

Maryland casinos earned nearly $137 million in January, with all but one posting year-over-year gains. Total revenue from the state's six casinos grew by 7.2 percent compared with January 2018 revenue, according to data released by Maryland Lottery and Gaming on Tuesday. Horseshoe Casino Baltimore saw year-over-year growth last month after two months of declines. The casino on Russell Street earned $20.2 million, a 0.6 percent increase over January 2018. MGM National Harbor in Prince George's County continued to be the highest earner, bringing in $56.2 million, an 11.9 percent increase. Live Casino & Hotel, in Hanover, posted the next largest revenue of $46.3 million, a 6.3 percent rise. (Balt. Bus. Journal)

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PGP seeks hotel to activate Capital Crossing

Property Group Partners is seeking permission from the District to swap a hotel in for a residential building at Capitol Crossing with the hope of generating more daytime and evening activity at the mixed-use project being developed above the Center Leg Freeway. PGP applied to the District's zoning office Jan. 30 to make the change to its previously approved planned-unit development, following through on an effort it began pursuing more than a year ago. (Wash. Bus. Journal)


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Legg Mason suffers $217M loss amid decline in assets

Legg Mason Inc. reported a $217 million loss in its fiscal third quarter due to to a write-down of certain contracts. The Baltimore money manager's results equates to a loss of $2.55 per share in the quarter ending Dec. 31. The numbers reported late Monday were a significant fall from a year ago when Legg Mason reported a profit of $149.2 million, or $1.58 per share in the quarter. Analysts polled by the Thomson Financial Networked projected earnings of 68 cents per share. Legg Mason's (NYSE: LM) stock price was down 5.3 percent in after-market trading to $28. (Balt. Bus. Journal)

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